Lugged cruiser frame?

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H on the chain wheel stands for Hercules. Those forks may be beyond help. The frame may have too many problems also, but it's worth a try. It will take a lot of tweaking and testing to get it decent. A set of wheels to check the progress will really help, and make slight changes little by little.
That bike is a 50's Hercules, made by Hercules before Raleigh bought them all out. I had a bike like that, Herc also with a serial number 1556 BO. But mine also had a top tube that curved down from the top of the seat post to the front of the down tube.
 
I agree that it's a Hercules. I would strip it down to the bare frame and then using heat and leverage (like a 2x4) carefully try to bend it back straight. Use string and a ruler to measure to tell when it's true. You can't really make it any worse.
 
Lay the bike in the driveway and slowly roll your car or truck over it until completely flat. Then use a torch or cutting wheel to get it down to manageable size pieces that will fit comfortably in your scrap metal bin.
 
+1; it's a Hercules, and it was once a very cool bike, but as for repairing that frame, I have to agree with Dave that it's probably not worth the effort... unless you're very attached to it, or you're very stubborn.
 

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